Adira and Brownstone will pay Modiin Energy $7 million in installments for its extra expenses in the license.
Modiin Energy LP (TASE:MDIN.L) today announced that it will receive $7 million in a settlement with its partners in the Gabriella offshore license.
Modiin Energy settled with the partners, Adira Energy Corporation (TSXV: ADL; Bulletin Board: ADENF; XETRA: AORLB8) and Brownstone Energy Inc. (TSX: BWN; Bulletin Board: BWSOF), after a six-month dispute. Adira agreed to forego all its extra rights in the license and the parties agreed to waive any claims against each other. Adira and Brownstone will pay Modiin Energy $7 million in installments for its extra expenses in the license.
Published by Globes [online], Israel business news - www.globes-online.com - on July 1, 2013
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